SEC charges former Coinbase manager- Here’s why

ambcrypto.com:

The Securities and Exchange Commission on 21 July initiated insider trading charges against a former Coinbase product manager, his brother, and his friend.

The accused perpetrated a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform.

The press release by the regulatory body (U.S. SEC) stated- while employed at Coinbase, the accused helped to coordinate the “platform’s public listing announcements that included what crypto assets or tokens would be made available for trading.”

According to the SEC’s complaint, “Coinbase treated such information as confidential and warned its employees not to trade on the basis of, or tip others with, that information.”

The Commodities Futures Trading Commission (CFTC)  also stepped in this matter. Commissioners made unusually vocal requests for increased cooperation. In a statement, CTFC Commissioner Caroline Pham referred to the action as a “striking example of regulation by enforcement.”

Commenting on the matter at hand, Commissioner Pham stated,

“Regulatory clarity comes from being out in the open, not in the dark. Given the overriding public interest and the open questions on the legal statuses of various digital assets, such as certain utility tokens and DAO-related tokens, the CFTC should use all means available to fulfill its statutory mandate to vigorously enforce the law and uphold the Commodity Exchange Act.”

— Caroline D. Pham (@CarolineDPham) July 21, 2022

There was a sentiment of worry and concern when Coinbase responded to